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I don't think that this concept is too far fetched at all. Apple have had Airtunes around for a while. All they would have to do is a software update for the iPhone and hey presto, Airtunes compatibility in the iPhone and the new iPods if they are indeed given limited wireless.
I think that the important thing for Apple to do is to get the european release pushed forward as fast as possible before people lose confidence in the device and the 2.5G hype becomes a serious issue.